Dow Jones climbs 0.6% in Wall Street rally and Bitcoin smashes past $113K
U.S. stocks climbed to fresh record highs Thursday, boosted by gains in Nvidia and a new peak for Bitcoin, as investors shrugged off escalating trade rhetoric from President Donald Trump.
The Dow Jones Industrial Average rose 0.6%, while the S&P 500 added 0.4% to close at a record 6,280.46. The Nasdaq Composite gained 0.2%, marking its second straight all-time high.
Nvidia Corp. edged higher to cap a historic milestone, becoming the first publicly traded company to close above a $4 trillion market capitalization. The AI chipmaker’s continued momentum underscored investors’ appetite for tech-driven innovation.
Bitcoin surged past $113,000 for the first time, as risk appetite spread across asset classes. The rally came despite fresh tariff threats from Trump, who late Wednesday vowed to impose a 50% duty on imports from Brazil. That marked his strongest stance yet in a campaign targeting global trade partners.
Delta Air Lines jumped 12% after restoring its earnings outlook, citing “greater clarity” around ongoing trade negotiations. The carrier’s results marked the unofficial start of second-quarter earnings season.
Market attention remains focused on prospective pacts with major U.S. trading partners including the European Union, India and Canada. Though Trump recently suggested a deal with India was close, he tempered optimism by warning of a possible 10% tariff on imports from BRICS nations.
The White House sent 22 letters this week to heads of state outlining new tariff schedules to begin Aug. 1, aiming to ramp up pressure for agreements.
Elsewhere, initial jobless claims fell by 5,000 to 227,000 for the week ending July 5, a modest decline suggesting gradual cooling in the labor market. Investors are watching employment data closely for signs of when the Federal Reserve may begin cutting interest rates.